Novation Credit Union Foundation

OAKDALE, MN EIN: 92-2763426

Novation Credit Union Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in OAKDALE, MN. IRS filing data is available from 2023 through 2024. As of 2024, the organization holds $12K in total assets. In 2024, it awarded 7 grants totaling $7K. Net investment income was $576.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$12K

-38.9% YoY

Annual Giving

$7K

+2171.1% YoY

Grant Count

+600.0% YoY

Avg Grant Size

$1K

+224.4% YoY

Under IRS private-foundation payout rules, Novation Credit Union Foundation reported a distributable amount of $872 for 2024 — the minimum it must pay out in qualifying distributions.

About Novation Credit Union Foundation

Based on IRS filings

Focus Areas

Philanthropy, Voluntarism & Grantmaking

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

Minnesota $8K (100%)

States

Minnesota

Cities

BloomingtonBrooklyn ParkHutchinsonMinneapolisOakdaleSaint Paul

Financial History

Multi-year comparison from IRS filings

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023
Total Assets	$12,155	$19,891
Revenue	$5,024	$26,233
Expenses	$12,760	$6,342
Qualifying Distributions	$7,222	$318
Net Investment Income	$576	$217
Distributable Amount	$872	$335

Giving Over Time

Total grant dollars and number of grants per year

Grant Insights

How this funder distributes its grants

Top Recipients

Top 7 recipients in 2024

Grant Size Distribution

8 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest include Bridging ($2,550), Best Prep ($2,500), Minnesota Credit Union Foundation ($725).

Recipient	Purpose	Amount
Hutchinson Health Foundation Hutchinson, MN	Stroll for Hope	$500
Best Prep Brooklyn Park, MN	Donation for Mentoring Program	$2,500
Holiday Helping Hands Oakdale, MN	Holiday gifts to low income families	$539
Hutchinson Public Schools Hutchinson, MN	Hutchinson Dollars for Scholars	$250
Special Olympics Minnesota Minneapolis, MN	Donation of Special Olympics	$158
Minnesota Credit Union Foundation Saint Paul, MN	CU4Kids	$725
Bridging Bloomington, MN	Donation made	$2,550

Leadership & Key People

Officers and directors from IRS filings

Compensation Overview

From 2024 IRS filing

From 2024 filing

Name	Title	Hours	Compensation
Michael Kronebusch	President	2	—
Kristi Mukomela	Vice President	2	—
Terry Kahle	Secretary Treasurer	2	—

Subject Areas

Focus areas based on grantmaking activity

Philanthropy, Voluntarism & Grantmaking

Frequently Asked Questions

What is Novation Credit Union Foundation?

Novation Credit Union Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in OAKDALE, MN. It holds $12K in total assets as of 2024.

How large is Novation Credit Union Foundation?

As of 2024, Novation Credit Union Foundation holds $12K in total assets with $5K in annual revenue. It awarded 7 grants totaling $7K in 2024.

Where does Novation Credit Union Foundation operate?

Novation Credit Union Foundation has awarded grants in Minnesota.

What size grants does Novation Credit Union Foundation award?

In 2024, Novation Credit Union Foundation awarded 7 grants totaling $7K — an average of about $1K per grant, based on its IRS Form 990 filings.

How much is Novation Credit Union Foundation required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, Novation Credit Union Foundation reported a distributable amount of $872 on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.

What is Novation Credit Union Foundation's EIN?

Novation Credit Union Foundation's EIN (Employer Identification Number) is 92-2763426. IRS Form 990 filing data is available on this page for 2023–2024.